Federal Government Launches Diaspora Housing Scheme, Offering N50 Million Mortgages at 6.9% Interest Rate

In a significant move facilitated by the Nigerians in Diaspora Commission (NIDCOM), the federal government has unveiled the Diaspora Housing Scheme, enabling Nigerians abroad to access mortgages of up to N50 million over a ten-year period with an attractive interest rate of 6.9%.

The initiative is designed to actively involve the diaspora community in the National Housing Fund (NHF) Scheme, providing them with a substantial opportunity to acquire homes in Nigeria.

The official launch took place at the ongoing 6th edition of the Nigeria Diaspora Investment Summit (NDIS) in Abuja.

Speaking at the launch, the Minister of Housing and Urban Development, Arch Musa Dangiwa, emphasized that the diaspora community should not only be perceived as a source of development finance but as individuals with a genuine desire to own homes in their homeland. He stated, “And as a ministry, we are willing to support diaspora initiatives in the housing and urban development space as well as encourage partnerships with the diaspora towards making a change in the housing and urban development narrative of our dear country.”

Mr. Dangiwa encouraged the diaspora community to seize this opportunity, underlining the substantial benefits available in both the short and long term. He also revealed plans to officially introduce the mortgage scheme in the United Kingdom, Canada, and the United States.

The Chairman of NIDCOM, Ms. Abike Dabiri Erewa, also addressed the event, urging participants to take advantage of the exciting opportunity. She affirmed, “This is an exciting time to be doing business in Nigeria. And this summit is a step in making investment and growth a reality because as Nigerians, both at home and in the diaspora, we should always be conscious of the fact that home is home, and no one can develop Nigeria like Nigerians.”

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